October 13, 2026
Bonus Content: Jio Platforms Built a $106 Billion Business in a Decade. Here Is What That Took.
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Jio Platforms Built a $106 Billion Business in a Decade. Here Is What That Took.
When Mukesh Ambani stood at Reliance Industries’ annual general meeting in September 2016 and unveiled Jio, India ranked near the bottom of global mobile data consumption tables. Jio commercially launched its services on September 5, 2016, triggering a price and data revolution in India’s telecom market, and cheap, high-speed connectivity rapidly changed how Indians consumed the internet. The playbook was simple and brutal: free voice calls for life, data priced at roughly one-tenth of U.S. rates. Rivals collapsed or merged. Customers flooded in.
Reliance has said it spent more than $31 billion to break into India’s mobile-phone market. That capital commitment, sustained over years before a rupee of profit arrived, is the first thing a disciplined long-term investor should register. This was not opportunism. It was a decade-long capital allocation decision by a founder willing to absorb losses to own the infrastructure layer of a 1.4 billion-person economy.
The results are now in the IPO prospectus for anyone to read. The company’s telecom arm had 524.4 million customers as of March 31, 2026. Revenue from operations rose from ₹1.10 lakh crore in FY2024 to ₹1.47 lakh crore in FY2026, EBITDA grew 39% over the same period, and EBITDA margins expanded to 51.9%. Cash left over after capital expenditure rose from ₹1,449 crore in FY24 to ₹42,071 crore in FY26. That last number is the one to hold onto: a business that was consuming cash at scale is now generating it.
The Price Global Capital Put on It
In 2020, Jio Platforms raised about $20.2 billion from 13 global investors in exchange for about a 33% equity stake, at an implied valuation around $58 billion. Global names such as Meta Platforms, Alphabet, Silver Lake, KKR and Mubadala invested in the firm at a moment when India’s digital economy was still largely theoretical. Now, six years later, Ambani is asking public markets to pay roughly double that implied valuation.
Jio Platforms is set to price its shares at ₹1,065 to ₹1,119 apiece, targeting a market value of as much as about ₹10.3 trillion rupees (about $107 billion). The IPO opens October 21 and closes October 23, 2026, with listing on BSE and NSE expected October 28, 2026. A successful listing would place Jio Platforms among the largest Indian listed companies by market capitalisation.
The pricing itself tells a story. The IPO valuation is below the roughly $131 billion figure widely reported when draft papers were filed in June 2026. The grey market premium as of October 12, 2026 stands at about ₹180 per share, a 16% premium over the upper price band, suggesting institutional and retail investors see the reset as an opening rather than a warning.
What the Mogul Lens Sees
Jio Platforms is not a simple telecom bet. Led by Akash Ambani as managing director, Jio operates Reliance’s telecom and digital businesses, spanning mobile services, fixed broadband, cloud, entertainment, enterprise technology and artificial intelligence. The connectivity layer funds everything else. Jio has said it carries roughly 60% of India’s wireless data traffic, which means every new app, every new AI service and every new streaming platform built for Indian consumers runs predominantly over Jio’s pipes. That is a durable structural position.
Analysts at Nuvama Research expect Jio’s profit after tax to compound at 18% annually between FY26 and FY30. The ARPU lever reinforces that view. With 533 million-plus subscribers, even a ₹10 increase in average revenue per user can translate into about ₹6,000 crore of incremental annual profit. India’s per-capita data spending still sits well below comparable emerging markets.
The risks are real. Capital intensity remains high, and Reliance Jio Infocomm still carries meaningful debt. The company plans to use up to ₹275 billion of net proceeds to repay or prepay borrowings of its telecom subsidiary.
The lesson for investors in emerging markets is older than any of these numbers. Founders who make a $31 billion bet on connectivity in a capital-scarce market, absorb years of losses, attract Meta and Google as strategic partners, and then compound revenue at double-digit rates across an economic cycle tend to be worth owning early. The question now is whether October 2026 still qualifies as early.
